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so, yes, reduce the deficit. but let's do it in a sensible way and the president has the prerogative of getting to put forward his budget the w he would like to present it to congress and then congress can do its work however it wants. and with that i yield to my friend and colleague from maryland and someone who has been very focused on reducing our deficits in a responsible way, mr. hoyer. the chair: the gentleman from maryland is recognized. may i remind my colleagues, i appreciate the honor, but i'm only a chairman today. the gentleman is rognized. mr. hoyer: we wish you the best for the future. the chair: thank you. mr. van hollen, may i ask for how long he was recognized? mr. van hollen: i yield four minutes. the chair: the gentleman from maryland is recognized. mr. hoyer: i thank the gentleman for yielding. mr. price of georgia said what the american people want. what the american people don't want is games. this is a game. this is a sham. this is a shame. what the american people want is honest legislatio
so, yes, reduce the deficit. but let's do it in a sensible way and the president has the prerogative of getting to put forward his budget the w he would like to present it to congress and then congress can do its work however it wants. and with that i yield to my friend and colleague from maryland and someone who has been very focused on reducing our deficits in a responsible way, mr. hoyer. the chair: the gentleman from maryland is recognized. may i remind my colleagues, i appreciate the...
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. >> reporter: under the terms of earlier deficit deals, congress will find $85 million in reductions by march 1st. if not, they would shrink pentagon spending by 7.9% and domidwesting spending by 5.3% and medicare a 2% reduction. >> i believe they should pass a smaller package of spending cuts and tax reforms that would delay the economically damaging affects of the sequester for a few more mots until congress finds a way. >> reporter: the president wants to raise more money by ending tax loopholes, but republicans want deeper entitlement cuts. >> if we're going to connect with the american people, it's important that they see not only that we're serious about solving our debt problems. >> a studdie by george mason university estimated 448,000 jobs could be affected in d.c., maryland, and virginia. for months, defense contractors have pleaded for action. >> we would hope that congress would meet their obligations to us and to the public. >> reporter: virginia congressman frank wolf wrote to the president and speaker arguing the bipartisan plan would avoid sequestration and stop its w
. >> reporter: under the terms of earlier deficit deals, congress will find $85 million in reductions by march 1st. if not, they would shrink pentagon spending by 7.9% and domidwesting spending by 5.3% and medicare a 2% reduction. >> i believe they should pass a smaller package of spending cuts and tax reforms that would delay the economically damaging affects of the sequester for a few more mots until congress finds a way. >> reporter: the president wants to raise more money...
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increasingly frustrated that the solution to decades of deficit spending is more taxation. >> the president doesn't believe we have a spending problem. he believes spending causes economic growth. if that were true, the economy today would be thriving. it isn't thriving. washington has to deal with its spending problem. i watched him kick the can down the road, i have had enough of it. >> a day after they dismissed the suggestion to again postpone tens of billions of dollars of mandatory spending cuts and other departments blooming under what is sequestration the defense secretary renewed his dire warnings. >> my greatest concern today is that we are putting our national security at risk by lurching from budget crisis to budget crisis. >> downgrading the entire civilian workforce and freeze pay for members of congress. >> this is a way of doing it without cutting defense system without cuing domestic and without raising taxes. >> they plan me with the joint chiefs to show how dangerous it can be. the cuts will be. lou: thank you. it is of course no accident the pentagon chose today to focus
increasingly frustrated that the solution to decades of deficit spending is more taxation. >> the president doesn't believe we have a spending problem. he believes spending causes economic growth. if that were true, the economy today would be thriving. it isn't thriving. washington has to deal with its spending problem. i watched him kick the can down the road, i have had enough of it. >> a day after they dismissed the suggestion to again postpone tens of billions of dollars of...
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assorted measures only in greece are deficit problem while creating jobs will help bring down the deficit by decreasing reliance on teaching net programs, increasing taxpayers in every debt to gdp ratio. job loss under sequestration would include 16,000 school teachers and aides and 20,000 head start teachers. as the american public that's what they mean by cats. we need to create education jobs by investing in teachers, modernizes goals in the first to create one in 300,000 jobs. these ideas they offered a bill in 2011 and were ultimately included in the american jobs that come which never even got a vote in the house. modernizing schools and the probing of the structure from which the balancing act we do other jobs or communities need and those are the shops are economy needs. the legislation pays for investments by including smart military cut the number for the discussion, really no discussion we'll streamliner military to meet 21st century threats. raising revenue from those who can afford to pay more, making targeted military cut, not a little at first restorer the balance deficit r
assorted measures only in greece are deficit problem while creating jobs will help bring down the deficit by decreasing reliance on teaching net programs, increasing taxpayers in every debt to gdp ratio. job loss under sequestration would include 16,000 school teachers and aides and 20,000 head start teachers. as the american public that's what they mean by cats. we need to create education jobs by investing in teachers, modernizes goals in the first to create one in 300,000 jobs. these ideas...
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the first of less than $1 trillion annual deficits continue to shrink when they begin increasing deficits but in the next 10 years they will add almost $7 trillion to the national debt and 76 trillion by 20203. the national debt compared to the economy stabilizes and climbs much higher in the future. the director of the cbo says the primary culprit is health care spending. >> we still see substantial growth of health care spending over the 10 years and beyond. because of the number of people who will be eligible for medicare will be rising sharply. gerri: they expect gdp to rise this year and next year an average of 3.6% after that and then slowing. cbo expects unemployment average 8% this year and seven points six% next year that is the first time that has happened in 70 years. with the recent tax increases and spending cuts the cbo says it will cost 1.2 5% percentage points of gdp but with deficits reduce it boost growth and employment in the future. gerri: while the cbo war and gas the president tried to put the squeeze on congress to pass small spending cuts and pass more tax hikes. w
the first of less than $1 trillion annual deficits continue to shrink when they begin increasing deficits but in the next 10 years they will add almost $7 trillion to the national debt and 76 trillion by 20203. the national debt compared to the economy stabilizes and climbs much higher in the future. the director of the cbo says the primary culprit is health care spending. >> we still see substantial growth of health care spending over the 10 years and beyond. because of the number of...
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year per taxpayer to cover our existing deficit. the total tab for the past four years of $1 trillion each year would be about $27,500 a year. back in the sixth district of indiana where i come from, that is a lot of money. i think we it owe it to the taxpayers know what we're doing here in washington. i yield -- i reserve the balance of my time. the chair: the gentleman reserves the balance of his time. for what purpose does the gentleman from maryland seek recognition? mr. van hollen: thank you, madam chairman. i ask unanimous consent to claim time in opposition even though i am not. the chair: the gentleman is recognized. mr. van hollen: thank you, madam chairman. i think it's very useful to let everybody in the country know exactly what the debt and deficit will be on a per capita basis. we in congress can of course do the math. i think it's no problem asking the president to run that calculation as well. again, i want to emphasize the fact there is agreement on reducing the deficit. the real differences here are over how we do
year per taxpayer to cover our existing deficit. the total tab for the past four years of $1 trillion each year would be about $27,500 a year. back in the sixth district of indiana where i come from, that is a lot of money. i think we it owe it to the taxpayers know what we're doing here in washington. i yield -- i reserve the balance of my time. the chair: the gentleman reserves the balance of his time. for what purpose does the gentleman from maryland seek recognition? mr. van hollen: thank...
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Feb 12, 2013
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so what's happened to the deficit, the annual deficit? 2008 deficit was $458 billion. too much money. yes. but $458 billion. deficit in 2013, 2012, $1.3 trillion. so what's the problem? ladies and gentlemen, i would suggest to you we have a spending debt crisis, not a revenue debt crisis. and you've got to make the right diagnosis. to put it in a little greater context. we spend about $3.6 trillion as a nation, as a whole each year, $3.6 trillion, about $2.5 trillion, $2.6 trillion is medicare, medicaid, social security and interest on the debt. those four things. the entire federal government, the rest of the entire federal government, everything, everything, post office, roads, transportation, justice, education, energy, defense, everything else is about $1 trillion. you all just heard what the deficit was last year. $1.3 trillion. which means we can do away with the entire federal government with the exception of medicare, medicaid and social security and we wouldn't even balance the budget. that's the magnitude of the challenge that we have. so it's incumbent upon
so what's happened to the deficit, the annual deficit? 2008 deficit was $458 billion. too much money. yes. but $458 billion. deficit in 2013, 2012, $1.3 trillion. so what's the problem? ladies and gentlemen, i would suggest to you we have a spending debt crisis, not a revenue debt crisis. and you've got to make the right diagnosis. to put it in a little greater context. we spend about $3.6 trillion as a nation, as a whole each year, $3.6 trillion, about $2.5 trillion, $2.6 trillion is medicare,...
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so, yes, reduce the deficit. but let's do it in a sensible way and the president has the prerogative of getting to put forward his budget the way he would like to present it to congress and then congress can do its work however it wants. and with that i yield to my friend and colleague from maryland and someone who has been very focused on reducing our deficits in a responsible way, mr. hoyer. the chair: the gentleman from maryland is recognized. may i remind my colleagues, i appreciate the honor, but i'm only a chairman today. the gentleman is recognized. mr. hoyer: we wish you the best for the future. the chair: thank you. mr. van hollen, may i ask for how long he was recognized? mr. van hollen: i yield four minutes. the chair: the gentleman from maryland is recognized. mr. hoyer: i thank the gentleman for yielding. mr. price of georgia said what the american people want. what the american people don't want is games. this is a game. this is a sham. this is a shame. what the american people want is honest legisl
so, yes, reduce the deficit. but let's do it in a sensible way and the president has the prerogative of getting to put forward his budget the way he would like to present it to congress and then congress can do its work however it wants. and with that i yield to my friend and colleague from maryland and someone who has been very focused on reducing our deficits in a responsible way, mr. hoyer. the chair: the gentleman from maryland is recognized. may i remind my colleagues, i appreciate the...
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annual deficit deficit continueo shrink until 2017 when interest in health care costs increase deficits. in the next 10 years the u.s. will add almost $7 trillion to the national debt and totaled $26 trillion by 2023. while the national debt compared to the size of the economy stabilizes over the next decade, climbs much higher in the future. the director says the primary culprit, health care spending. >> we still see substantial growth in federal health care spending over the coming 10 years and beyond. that is importantly because the number of people who will be eligible for medicare will be rising very sharply. >> as the economic forecast, expecting gdp to expand 1.4% this year, 3.4% next year, average 3.6% to four years after that and slowing beyond there. expecting unemployment to average 8% this year and 7.6% next year, marking six straight years above $0.7.5, first time that has happened in 70 years. the recent tax increases and spending cuts on the economy, the office says they will cost one and a quarter percentage point to gdp and one half to 2 million jobs this year though wi
annual deficit deficit continueo shrink until 2017 when interest in health care costs increase deficits. in the next 10 years the u.s. will add almost $7 trillion to the national debt and totaled $26 trillion by 2023. while the national debt compared to the size of the economy stabilizes over the next decade, climbs much higher in the future. the director says the primary culprit, health care spending. >> we still see substantial growth in federal health care spending over the coming 10...
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our deficits are financed by treasury bonds. most of which are being purchased by the fed with newly created money. this drives up the price of bonds and keeps interest rates artificially low, seniors on fixed incomes who have saved their whole lives now cannot make a fair market on their interest for their savings. in addition to squeezing the incomes of our seniors, creating money to fund deficits also drives up prices which has a disproportionate adverse effect on seniors, on the poor, and on middle income families. creating money out of thin air to fund the president's spending must stop. the first step is to stop the reckless spending by having the president present a plan to balance the budget. this is a simple request with no reasonable excuse for opposition. i support h.r. 444, the require plan act, to protect our seniors, the poor, and middle income families. i yield back. the chair: the gentleman yields back. the gentleman from maryland is recognized. mr. van hollen: madam chairman, again we have heard a number of the
our deficits are financed by treasury bonds. most of which are being purchased by the fed with newly created money. this drives up the price of bonds and keeps interest rates artificially low, seniors on fixed incomes who have saved their whole lives now cannot make a fair market on their interest for their savings. in addition to squeezing the incomes of our seniors, creating money to fund deficits also drives up prices which has a disproportionate adverse effect on seniors, on the poor, and...
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they are not sure they want to use that money to lor lower the deficit. that is one of the issues that will need to be resolved as the president and congress workout this deal to avoid this sequester, gregg. gregg: the republicans didn't win the last tax battle. we'll wait and see. wendell goler live at the white house. thank you. martha: there are new questions today about the biggest gas price skwrupl nap years in some states. what is going on out there? we'll have new details and what might be the latest pain at the pump. . . . .. martha: we're working on getting more information on u.s. gold medalist lindsey vonn. she is a four-time world champion. the event that was going on in austria, she had a crash. she said it was very foggy. it was delayed a couple hours. three out of the other four top racers did not finish the race. on the left-hand side of the screen you can see her being airlifted. when she got up, she stumbl.
they are not sure they want to use that money to lor lower the deficit. that is one of the issues that will need to be resolved as the president and congress workout this deal to avoid this sequester, gregg. gregg: the republicans didn't win the last tax battle. we'll wait and see. wendell goler live at the white house. thank you. martha: there are new questions today about the biggest gas price skwrupl nap years in some states. what is going on out there? we'll have new details and what might...
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they are not sure they want to use that money to lor lower the deficit. that is one of the issues that will need to be resolved as the president and congress workout this deal to avoid this sequester, gregg. gregg: the republicans didn't win the last tax battle. we'll wait and see. wendell goler live at the white house. thank you. martha: there are new questions today about the biggest gas price skwrupl nap years in some states. what is going on out there? we'll have new details and what might be the latest pain at the pump. . . . ..
they are not sure they want to use that money to lor lower the deficit. that is one of the issues that will need to be resolved as the president and congress workout this deal to avoid this sequester, gregg. gregg: the republicans didn't win the last tax battle. we'll wait and see. wendell goler live at the white house. thank you. martha: there are new questions today about the biggest gas price skwrupl nap years in some states. what is going on out there? we'll have new details and what might...
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the numbers today are living short of terrific. $7 trillion in deficits over the next ten years. is coming after we raise 600 billion in taxes. what does the president say? well, let's not do the spending cuts, which we are counting on to keep it down to 7 trillion. instead to raise taxes, which we already proven does not solve the problem. you have to have a pretty good sense of humor to like it that seriously. lou: and to look at you have to have a pretty good sense of humor to put this in context of the history of this president and fiscal issues. does not pose for the budget. the senate has not passed one commend the president of the united states said this back in 2011. november 41st. already, he said, some in congress are trying to undo these automatic spending cuts, much like he did today at 115 eastern time. my message to them back in 2011, no, i will be there through any effort to get rid of automatic spending cuts to domestic and defense spending said the break president at that point. your reaction? >> that was president obama circa 2011. candid obama in a debate set s
the numbers today are living short of terrific. $7 trillion in deficits over the next ten years. is coming after we raise 600 billion in taxes. what does the president say? well, let's not do the spending cuts, which we are counting on to keep it down to 7 trillion. instead to raise taxes, which we already proven does not solve the problem. you have to have a pretty good sense of humor to like it that seriously. lou: and to look at you have to have a pretty good sense of humor to put this in...
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depreciation, financing, and operating costs pushed the deficit higher. >> the company operating the proctor says the so-called ramp up period could take months or years. >> essentially this project will be making money. >> skeptics may disagree. >> so, it is basically a waste. >> i think it will catch john. it will take some time. >> the higher the volume of traffic, the higher the rate. transurban is doing all it can throw up advertising and outreach to make sure the amount of traffic goes up. abc7 news. >> all right. >> what is going on? kind of gloomy. >> we were waiting for some sunshine here. we were watching the rooftop camera. i will share what we saw. does take a look. -- just take a look. that is the last 20 minutes or so before sunset. a harbinger of what is to come tomorrow. sunshine, a very pleasant temperatures across the area. let's put the liamsville camera into motion. check out these temperatures. 66 degrees it reported in leonardtown in st. mary's county. about 907 inch of rain. a very mild the. a very mild evening. -- a very mild and the. -- a very mild day. i do
depreciation, financing, and operating costs pushed the deficit higher. >> the company operating the proctor says the so-called ramp up period could take months or years. >> essentially this project will be making money. >> skeptics may disagree. >> so, it is basically a waste. >> i think it will catch john. it will take some time. >> the higher the volume of traffic, the higher the rate. transurban is doing all it can throw up advertising and outreach to...
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. >> i will not allow the structural deficit to be pwals -- balanced on the backs of maryland residents and employees. >> reporter: employee pension and health care costs have been sited as a critical factor. >> baltimore's pension is the largest pension that does not require employee contribution. that must change. >> reporter: according to the reaction from police and fire unions are concerned, i did speak briefly for the leaders of those two unions unions and they are reserving comment until they find out what the plan consists of. >> and mayor blake told the council, that she has never been one to sugar coat things. >>> the big name who wants to be anne arundel county's next executive in the wake of the leopold scandal. i'm mike hellgren at the arundel center with the full details. >> tax free shopping is coming to maryland this weekend. i'm mary bubala, find out what qualifies next. >>> a cloudy monday, we'll have a look at your monday morning forecast, coming up. >>> cloudy and 53 degrees in maryland. a big political name wants to take the job of executive. >> reporter: she says s
. >> i will not allow the structural deficit to be pwals -- balanced on the backs of maryland residents and employees. >> reporter: employee pension and health care costs have been sited as a critical factor. >> baltimore's pension is the largest pension that does not require employee contribution. that must change. >> reporter: according to the reaction from police and fire unions are concerned, i did speak briefly for the leaders of those two unions unions and they are...
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boehner says he doesn't want another temporary fix if there's no long-term agreement to reduce the deficit. some house republicans have indicated they will let the steep automatic cuts take effect. those would take a huge bite out of military and domestic programs. >>> democrats in the virginia state senate have rejected two amendments that would have provided funding for transportation projects in the state. one of the amendments would replace governor mcdonnell's retail sales tax increase with a narrow 5.5% wholesale tax on gasoline. the second amendment would have set the retail fuel tax at 8%. governor mcdonnell issued a statement which said clearly this was all about partisanship, not policy and virginians deserve far better from their elected officials. >>> d.c. mayor gray vincent unveiled new proposals in his annual state of the district address. >> we are growing more than in decades with 30,000 new residents in the last two years, a growth rate of more than 1100 net new residents per month. >> the mayor proposed spending millions of dollars to build and preserve affordable housing
boehner says he doesn't want another temporary fix if there's no long-term agreement to reduce the deficit. some house republicans have indicated they will let the steep automatic cuts take effect. those would take a huge bite out of military and domestic programs. >>> democrats in the virginia state senate have rejected two amendments that would have provided funding for transportation projects in the state. one of the amendments would replace governor mcdonnell's retail sales tax...
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we should bring the deficit down, but we have time. we should take the cuts off the table and think about how to get the economy going. if people work again, we are on the road to solving the problem. >> to that point and looking at the cuts you have been pointing out to head start and cuts to wic, the women, infant and children nutritional assistant program, they are penny wise and foolish and may be making things worse in the long run. >> i'm glad you raised that, crystal. if you think about the single mom working 12 hours a day and her paycheck does not take her to the end of the month on food. what she realizes and has been a responsible mom, but realizes after she makes the decision to have her child not have an abortion is that her paycheck is not going to help her feed her infant. the women infant children program not only feeds these families, it also teaches them about nutrition and how to be healther and live healthier lives. this is important for families and the economy. we are helping people stay healthy longer and one of
we should bring the deficit down, but we have time. we should take the cuts off the table and think about how to get the economy going. if people work again, we are on the road to solving the problem. >> to that point and looking at the cuts you have been pointing out to head start and cuts to wic, the women, infant and children nutritional assistant program, they are penny wise and foolish and may be making things worse in the long run. >> i'm glad you raised that, crystal. if you...
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and i wonder if the message, reducing the debt and deficit, fixing the education system for the most vulnerable is the way he puts it. the way he talks about immigration, are those things that will resonate? >> i think jonathan's right. what the republican party used to stand for, when george h.w. bush was president, is something that the republican party doesn't seem to stand for for most americans anymore. what they seem to stand for today is being, you know, insensitive on immigration. and not being mindful of a woman's -- you know, women's rights and there are symbols that the republican party promotes, like, they say they're for education, but they want to abolish the department of education. and i think that makes it difficult for them to cut through. if eric cantor can do it, then it needs to be done. but i'm just -- i think that there are candidates out there every single cycle that get in the way of the republicans try to rebrand and they are back in this same position every two years. >> eric cantor is not alone, for sure, jonathan, your old boss, or i guess your boss, karl
and i wonder if the message, reducing the debt and deficit, fixing the education system for the most vulnerable is the way he puts it. the way he talks about immigration, are those things that will resonate? >> i think jonathan's right. what the republican party used to stand for, when george h.w. bush was president, is something that the republican party doesn't seem to stand for for most americans anymore. what they seem to stand for today is being, you know, insensitive on immigration....
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under current law the deficit will shrink in 2013. as an estimated $845 billion, the deficit, the first in five years below $1 trillion. >> the cbo projects deficits to decline from $845 billion to year to as low as 430 billion in 2015 but then 978 billion a year by 2023. >> in 2014 or 15 the deficit will come down. there's a tax increase we just passed. that combines to produce a smaller deficit. >> though the president has not submitted his budget, the cbo projects the next ten years u.s. debt will increase $10 trillion from a little more than 16 trillion-dollar now to more than $26 trillion in 2023. >> you can't raise enough tax to say pay for this problem. you won't grow fast enough to get rid of this problem. you ultimately have to deal with spending. >> after 2023, the debt begins to soar. >> after that it's going to grow and reach the trillion and go beyond the trillion. so at no point in the foreseeable future is the deficit going to come down to manageable level. >> noting repeatedly high debts are bad and dangerous as he put
under current law the deficit will shrink in 2013. as an estimated $845 billion, the deficit, the first in five years below $1 trillion. >> the cbo projects deficits to decline from $845 billion to year to as low as 430 billion in 2015 but then 978 billion a year by 2023. >> in 2014 or 15 the deficit will come down. there's a tax increase we just passed. that combines to produce a smaller deficit. >> though the president has not submitted his budget, the cbo projects the next...
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that results in a lower deficit as you have reported to us. by 2015, the deficit is projected to be $430 billion, the lowest you project over 10 years. that's slightly below the highest deficit president bush ever had in his eight years. and you have gpped growth projected at 3.%, last year was 2.2. but after 2015, three years from now, the deficits start a rise again, increasing every single year almost 10% a year and would more than double over the following eight years to $978 billion, is that correct? >> yes, that's right. >> and you don't see unless something changes, any improvement in the outyears but your report would indicate that your report the upward trajectory -- and is that an unsustainable path? >> as others have said, debt cannot rise indefinitely as a share of g.d.p. and our projections show debt rising relative to g.d.p. in the back half of this coming decade. >> so i think -- and it increases the risk as bowles and simple son told us was inevitable if we don't change this unsustainable path, would you agree? >> in the longer
that results in a lower deficit as you have reported to us. by 2015, the deficit is projected to be $430 billion, the lowest you project over 10 years. that's slightly below the highest deficit president bush ever had in his eight years. and you have gpped growth projected at 3.%, last year was 2.2. but after 2015, three years from now, the deficits start a rise again, increasing every single year almost 10% a year and would more than double over the following eight years to $978 billion, is...
SFGTV2: San Francisco Government Television
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i have be asked to testify whether or not psycho paths have affective deficits. absolutely they do. there has been hundreds of years of psychiatric research shows that they do. you have this two prong thing. on the one hand more dangerous if you release them and don't treat them. on the other hand, they're affectively different. there was a very nice article in the "new york times" magazine on mother's day about children who have these emerging traits and how we would develop and understand and treat them. it's a small percentage. my goal is to develop better treatment so they can keep them off that trajectory towards life course persistent problems. >> are you saying that people that have the brain structure that you have identified will always be lacking in volitional control or impulse receive to the extent that they are criminals? do we have a subset of people that are criminals because of their brains? >> i should really differentiate psychopathy from criminality. there are a lot of reasons why individuals engage in different criminal activity. it's a very small percentage of p
i have be asked to testify whether or not psycho paths have affective deficits. absolutely they do. there has been hundreds of years of psychiatric research shows that they do. you have this two prong thing. on the one hand more dangerous if you release them and don't treat them. on the other hand, they're affectively different. there was a very nice article in the "new york times" magazine on mother's day about children who have these emerging traits and how we would develop and...
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, we have reduced the deficit by $2.4 trillion. of that, $1.7 trillion came in spending cuts. $700 billion came in the form of new revenues. so in terms of a balanced approach to deficit reduction that looks both at spending cuts and revenues, we're not balanced yet. we're a trillion dollars ahead nearly on this spending cut side. so when the republicans say we're only going to look at spending cuts going forward, they're not just saying that all those goodies in the tax code that go to wealthy individuals and to corporations as tax deductions and loopholes and expenditures, they're not only saying that's all off-limits, they're also saying we're going to make it even more unbalanced than it is now. and by the way, the way i get to $1.7 trillion is to take $1.46 trillion, which is the actual cuts, and then add the interest savings that are associated with it, and i take the same interest savings on the revenue side. so it's even the way we've allocated the -- the interest. i see that chairman levin is here, so i'm going to yield to
, we have reduced the deficit by $2.4 trillion. of that, $1.7 trillion came in spending cuts. $700 billion came in the form of new revenues. so in terms of a balanced approach to deficit reduction that looks both at spending cuts and revenues, we're not balanced yet. we're a trillion dollars ahead nearly on this spending cut side. so when the republicans say we're only going to look at spending cuts going forward, they're not just saying that all those goodies in the tax code that go to wealthy...
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such cuts definitely earn dealing with the deficit over the long-term. for less than three weeks away from having these massive cuts. i am here to join others in urging president obama, congressional leaders come together to defeat america's future anti-sequestration. to gather, we before you are united to ensure america maintains its place and the innovation research. >> good morning, everyone. i am hunter rawlings representing the aau, which comprises 60 of the leading research universities in the u.s. as peter said, he and i are also representing the task force on american innovation and you have a letter in your press packet from the task force that i hope you will take a good look at. sequesters the most unpopular and had washington d.c. since the dallas cowboys. [laughter] it is mindless and will cause great harm to our country. the president hates it. speaker boehner he said. majority leader, harry reid, he'd say. and they created it. imagine how the rest of us feel about it. yet somehow our leaders can't seem to figure a way out of that. we all a
such cuts definitely earn dealing with the deficit over the long-term. for less than three weeks away from having these massive cuts. i am here to join others in urging president obama, congressional leaders come together to defeat america's future anti-sequestration. to gather, we before you are united to ensure america maintains its place and the innovation research. >> good morning, everyone. i am hunter rawlings representing the aau, which comprises 60 of the leading research...
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Feb 5, 2013
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a blueprint would miss the deadline because the debate in washington over taxes, spending, and the deficit. it was supposed to be delivered to lawmakers yesterday. if you are worried about food safety the agriculture secretary tom vilsack says we need to cut back on a number of inspections on meatpacking plants unless congress can avoid the across-the-board spending cuts that take effect in march. he says the agriculture department is studying how to handlewhich could also impact nutritional programs and food safety research. we know we are in a housing recovery, but the d.c. market is on fire. i will have more on that in the next hour. live at bloomberg headquarters in new york, linda bell reporting for abc 7 news. back to you. >> thank you. we will see you shortly. 4:38 34 degrees at this hour. >> still ahead, a frantic scene in the heart of baltimore. a huge warehouse fire >> welcome back. 4:41 right now. beautiful. the washington monument. 34 degrees this morning. >> we are above the freezing mark. >> that's where we should be this time of year? >> we are working on it. we will been wa
a blueprint would miss the deadline because the debate in washington over taxes, spending, and the deficit. it was supposed to be delivered to lawmakers yesterday. if you are worried about food safety the agriculture secretary tom vilsack says we need to cut back on a number of inspections on meatpacking plants unless congress can avoid the across-the-board spending cuts that take effect in march. he says the agriculture department is studying how to handlewhich could also impact nutritional...
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Feb 6, 2013
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this president said he was going to cut the deficit. he went from a $6 trillion economy to a $9 trillion economy. his jobs plan was a complete failure. the democrats talkbout the war on women, yet you have this mr. menendez who flieso a southern country, has sex with an underage gal, and does not want to pay this prostitute. here's a guy who makes all kinds of money. it is ridiculous. the democrats had senator byrd in the race -- in the senate for years and they talk about race. you guys do not seem to be able to get your message across. i know you are frustrated. it is not a spending problem. of course it is a spending problem. we never have budgets like this, throwing money at all times of all kinds of different programs. how many more democrats talk about, i did not cheat on my wife, i only did it when her cancer was in remission. guest: the caller has raised a number of different points. one point, the overarching theme of his call was the frustration he has of republicans getting the message out. i do appreciate c-span allowing us
this president said he was going to cut the deficit. he went from a $6 trillion economy to a $9 trillion economy. his jobs plan was a complete failure. the democrats talkbout the war on women, yet you have this mr. menendez who flieso a southern country, has sex with an underage gal, and does not want to pay this prostitute. here's a guy who makes all kinds of money. it is ridiculous. the democrats had senator byrd in the race -- in the senate for years and they talk about race. you guys do not...
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dollars is going to every single year has nothing to do with our deficit or should be taught no no no no and in fact i thought you were spot on when you were saying earlier you know about the fact that the if that the effect that the defense spending has on the economy obviously you know we have to look at it obviously there are things that can be cut but the idea that we don't meet the capability to protect ourselves and to protect our friends is absurd and remember too and i know you want to make another point the most expensive thing is peace. who are irreplaceable you take a sergeant who's been in for fifteen twenty years or you take a navy seal or any of these people that we've trained and they're ready to go you can't replace them the way you can replace a tank and they're probably fifty sixty percent of our defense budget i would say that the best thing to do is not put them in a situation where we're going to have to replace them james. i think this is you know i wasn't expecting to agree with neal but i think you know we're good friends yeah you know we need to spend smarter
dollars is going to every single year has nothing to do with our deficit or should be taught no no no no and in fact i thought you were spot on when you were saying earlier you know about the fact that the if that the effect that the defense spending has on the economy obviously you know we have to look at it obviously there are things that can be cut but the idea that we don't meet the capability to protect ourselves and to protect our friends is absurd and remember too and i know you want to...
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Feb 11, 2013
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like the national institutes of health where you are hindering growth, you are not going to reduce the deficit. so what we do need is more revenue and more cuts. >> reporter: for senator john mccain, defense cuts are the most damaging. >> the world is very dangerous. i'm sorry, i'm a little emotional about this but the men and women serving in the military deserve better. the consequences are severe. it requires a bipartisanship. would i look at some revenue closers? maybe so, but we've already just raised taxes. why do we have to raise taxes again? >> reporter: national security also an issue. after last week's senate confirmation hearings for two key cabinet members. senator lindsay graham sear reed in again on the attack in benghazi, libya, angry after hearing president obama may not have followed up with his defense team after learning about the attacks. >> the american people need to know what their commander in chief, did if anything, during the attack. i don't think we should allow brennan to go forward for the cia director shirntion hagel to be confirmed as secretary of defense until t
like the national institutes of health where you are hindering growth, you are not going to reduce the deficit. so what we do need is more revenue and more cuts. >> reporter: for senator john mccain, defense cuts are the most damaging. >> the world is very dangerous. i'm sorry, i'm a little emotional about this but the men and women serving in the military deserve better. the consequences are severe. it requires a bipartisanship. would i look at some revenue closers? maybe so, but...
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as the president talks up, how to reduce the deficit and avoid spending cuts. we're learning the budget deficit will top $845 billion this fiscal year even with massive tax hikes and assuming the spending cuts do kick in. congressman tom price pushing the president to balance the budget and says this new report is proof we can't do that by hiking taxes. what about that? we're still going to be deep into the red. >> good to be with you. the president has put forward for different budgets, none of which have ever come to balance. the house republicans have acted responsibly, our budget is yet to balance, so what we will do is put together a budget that balances in a ten-year time. all it does tomorrow it says to the president tell us when you'ryourbudget balances. it is important to do that because we have our principled solutions with the program. liz: used a dozen state when the budget would be balanced, is that it? >> we have had to end dollars deficit of the past four years in the past for budgets by this president have never come into balance ever in the 75
as the president talks up, how to reduce the deficit and avoid spending cuts. we're learning the budget deficit will top $845 billion this fiscal year even with massive tax hikes and assuming the spending cuts do kick in. congressman tom price pushing the president to balance the budget and says this new report is proof we can't do that by hiking taxes. what about that? we're still going to be deep into the red. >> good to be with you. the president has put forward for different budgets,...
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Feb 13, 2013
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what's happened to the deficit? the annual deficit? 2008 deficit was $458 billion. too much money, yes, but deficit in 2013, $1.3 # trillion. what's the problem? ladies and gentlemen, i suggest to you that we have a spending debt crisis, not a revenue debt crisis. you got to make the right diagnosis. to put it in a little greater context. we spend $3.6 trillion as a nation as a whole each year, $3.6 trillion, about $2.5 trillion of that is medicare, medicaid, social security, and interest on the debt, those four things. the entire federal government, the rest of the entire federal government, everything, everything, post office, roads, transportation, justice, education, energy, defense, everything else is about a trillion dollars. you all just heard what the deficit was last year, $1.3 trillion, meaning that you could do away with the entire federal government with the exception of medicare, medicaid, social security, and we wouldn't even balance the budget. that's the magnitude of the challenge that we have. it's incumbent upon us to come up with solutions, positi
what's happened to the deficit? the annual deficit? 2008 deficit was $458 billion. too much money, yes, but deficit in 2013, $1.3 # trillion. what's the problem? ladies and gentlemen, i suggest to you that we have a spending debt crisis, not a revenue debt crisis. you got to make the right diagnosis. to put it in a little greater context. we spend $3.6 trillion as a nation as a whole each year, $3.6 trillion, about $2.5 trillion of that is medicare, medicaid, social security, and interest on...
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that could happen sooner to depending on what happens to inrest rates in the deficits. we are getting to that point. the difference in terms of real pain now in interest among we will be paying and is more than our entire defense budget which is a pretty big deal. gerri: here is another number that blew me away. 7 million people, 7 million people will lose their employer sponsored health care. you see how this happens because ultimately that penalty that you paid as an employer is less than what you would pay for full coverage. the smart and intelligent employer says and is going to let the federal government pick up the tab. this is not what we were promised. >> that's right. now what we were promised that all, and will we are told that even a modest plan under obamacare is likely to cost an american family $20,000 a year, that is a lot of people are going to do, not just employers, but individuals. this is a joy to result in more people going on to some form of government support and is going to result, perhaps, and a lot of people going without health insurance. it c
that could happen sooner to depending on what happens to inrest rates in the deficits. we are getting to that point. the difference in terms of real pain now in interest among we will be paying and is more than our entire defense budget which is a pretty big deal. gerri: here is another number that blew me away. 7 million people, 7 million people will lose their employer sponsored health care. you see how this happens because ultimately that penalty that you paid as an employer is less than...
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why this nobel prize winner says the deficit doesn't matter now and why the government needs to spend even more money. >>> he ran two of the nation's largest and most important companies and turned around general motors. i'll talk lessons learned, the state of american business and the future with ed whitacre. >>> and bling, if you've got the cash, they've got the jewels. the perfect valentine's day gift if you have deep pockets. jewels, anyone? "on the money" begins right now. >> this is america's number one financial news program, "on the money." now, maria bartiromo. >> here's what's making news as we head into a new week "on the money." it is the u.s. government versus standard & poor's. the most aggressive move yet by the justice department to hold accountable a financial company at the center of the financial melt down of 2008. the $5 billion civil suit charges s&p intended to defraud investors, aaa ratings they did not deserve. standard & poor's' attorney says not so farst fast. >> the ratings that were issued were believed by the people who issued them and that's what the gove
why this nobel prize winner says the deficit doesn't matter now and why the government needs to spend even more money. >>> he ran two of the nation's largest and most important companies and turned around general motors. i'll talk lessons learned, the state of american business and the future with ed whitacre. >>> and bling, if you've got the cash, they've got the jewels. the perfect valentine's day gift if you have deep pockets. jewels, anyone? "on the money" begins...
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Feb 7, 2013
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some say growth initiatives must await final action on deficit reductions. well, the best way to reduce deficits is through economic growth. [ applause ] get ready for a lot more of that new-plane smell. we're building the youngest, most modern fleet among the largest us airlines to ensure that you are more comfortable and connected than ever. we are becoming a new american. barrow island has got rare kangaroos. ♪ chevron has been developing energy here for decades. we need to protect their environment. we have a strict quarantine system to protect the integrity of the environment. forty years on, it's still a class-a nature reserve. it's our job to look after them. ...it's my job to look after it. ♪ >>> welcome back to "the kudlow report." in this half hour, mahmoud ahmadinejad says iran is now a nuclear country. does that mean the rogue regime already has nuclear weapons? we'll get an answer later on. on what would have been president reagan's 102nd birthday, we will honor reagan with a look at many of his messages that resonate today. we have more of
some say growth initiatives must await final action on deficit reductions. well, the best way to reduce deficits is through economic growth. [ applause ] get ready for a lot more of that new-plane smell. we're building the youngest, most modern fleet among the largest us airlines to ensure that you are more comfortable and connected than ever. we are becoming a new american. barrow island has got rare kangaroos. ♪ chevron has been developing energy here for decades. we need to protect their...
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if we are not out of the deficit that we lost. in terms of the system being skewed, if we are continually supporting a system where jobs go to the already employed and we are really not doing anything to foster the economic recovery that is going to benefit everyone in society, none of these laws and nothing that the national employment law project is advocating for says you have to fill open jobs with unemployed people. what we are saying is that qualified unemployed people should be allowed to compete on terms that are fair. that is good for all of us in an economic recovery. host: baltimore, md., just retired, go ahead. caller: i would like to say one thing before i say my question. i love c-span and i always want to make it through on a phone call and i am glad that i made it through. that being said, and by the way -- go ravens, we won the super bowl. my question is this. i live in baltimore city. the unemployment rate in baltimore city is unbelievable. the problem that you have is that not only are so many people unemployed,
if we are not out of the deficit that we lost. in terms of the system being skewed, if we are continually supporting a system where jobs go to the already employed and we are really not doing anything to foster the economic recovery that is going to benefit everyone in society, none of these laws and nothing that the national employment law project is advocating for says you have to fill open jobs with unemployed people. what we are saying is that qualified unemployed people should be allowed...
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Feb 12, 2013
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the federal deficit came in second with 20%. the numbers suggest that americans simply do not feel like the recent economic gains the nation has been seeing is actually coming to their doorstep. more than 50% said they thought the economy is still in a recession. 79% describe the economy as not so good or poor. analysts expect the president's job ideas that we're going to hear tonight will be repackaged versions of proposals he's made during his first term. aides say there will be some new initiatives too so we'll be watching for that. of course the backdrop of this address is the march 1 deadline for averting automatic across- the-board spending cuts known as sequester. lawmakers want to push it back for a second time to create space for a larger reduction plan. we'll be watching for new ideas because we certainly would like to hear some. >> some are saying it's going to be a extension of the state of the union and the election has consequences and other people are hoping for more bipartisanship. it will be interesting. >> that
the federal deficit came in second with 20%. the numbers suggest that americans simply do not feel like the recent economic gains the nation has been seeing is actually coming to their doorstep. more than 50% said they thought the economy is still in a recession. 79% describe the economy as not so good or poor. analysts expect the president's job ideas that we're going to hear tonight will be repackaged versions of proposals he's made during his first term. aides say there will be some new...
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. >> we have reduced our numbers by 193,000 employees and we still are operating at a deficit. >> the deliveries of letters will stop august 5th and postal customers we talk to this morning were mixed in their reaction. >> we wouldn't miss anything, to be truthful. if they can't deliver it on saturday, they will deliver it friday or monday. >> will you miss saturday mail? >> yes i have a business and i pick up mail. >> she would still be able to get her mail at the post office if she has a p.o. box but it is home delivery and letter delivery that will stop. more coming up on abc7 news at 4:00. still ahead, the push for stricter gun control gets some star power. with celebrities talking about ending gun violence. advocates of allowing gays in the boy scouts will have to wait a little long >> in texas, six people are believed to have drown after a watery crash involving a van full of undocumented immigrants. the van crashed into a stock tank providing. drinking water if animals. ten were found alive. police south of san antonio tried to pull the van over for a broken taillight but the d
. >> we have reduced our numbers by 193,000 employees and we still are operating at a deficit. >> the deliveries of letters will stop august 5th and postal customers we talk to this morning were mixed in their reaction. >> we wouldn't miss anything, to be truthful. if they can't deliver it on saturday, they will deliver it friday or monday. >> will you miss saturday mail? >> yes i have a business and i pick up mail. >> she would still be able to get her mail...
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problem or whether deficit spending should continue. those cuts are already having an impact. a report last week showed the growth in the 4th quarter shrank because of uncertainty of what is going to happen with sequestration. that's the latest here. i'm melanie alnwick. >> thank you much. >>> in other news this morning, dc mayor vincent gray highlighted the city's successes during third annual state of district address. he mentioned a 3% drop in unemployment. the creation of 28,000 private sector jobs in the last two years. unprecedented development and a drop in crime. mayor gray says he hopes to add thousands of new affordable housing units and create new opportunities for start up businesses and tech companies. >> new this morning, dc police officer is recovering and a suspect is in serious condition after a dangerous late night call. officers responded to a domestic violence call on 13th street around 11:00 last night. the suspect attacked the officer with a knife striking him in the back. he is said to be doing okay this morning.
problem or whether deficit spending should continue. those cuts are already having an impact. a report last week showed the growth in the 4th quarter shrank because of uncertainty of what is going to happen with sequestration. that's the latest here. i'm melanie alnwick. >> thank you much. >>> in other news this morning, dc mayor vincent gray highlighted the city's successes during third annual state of district address. he mentioned a 3% drop in unemployment. the creation of...
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hawk yessiree or huge deficit a huge deficit how can you possibly say that enormous defense budget in which opens of a trillion dollars is going to every single year has nothing to do with our deficit or should be told you're going to do so now and in fact i thought you were spot on when you were saying earlier you know about the fact that the if that the effect that the defense spending has on the economy obviously you know we have to look. at it obviously there are things that can be cut but the idea that we don't need the capability to protect ourselves and to protect our friends is absurd and remember too and i know you want to make another point the most expensive thing is people who are irreplaceable you take a sergeant who's been in for fifteen twenty years if you take a navy seal or any of these people that we've trained and they're ready to go you can't replace them the way you can replace a tank and they're probably fifty sixty percent of our defense budget i would say that the best thing to do is not put them in a situation where we're going to have to replace that james so
hawk yessiree or huge deficit a huge deficit how can you possibly say that enormous defense budget in which opens of a trillion dollars is going to every single year has nothing to do with our deficit or should be told you're going to do so now and in fact i thought you were spot on when you were saying earlier you know about the fact that the if that the effect that the defense spending has on the economy obviously you know we have to look. at it obviously there are things that can be cut but...
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the deficit's going down. this year alone, medicare, medicaid, social security and interest on the debt consumes every dollar that washington takes in. this is such a crisis, and it's growing. >> well, this whole idea that don't worry about the debt, you had a little tangle with the krugman a couple of weeks ago. this exposes how wrong the view is. don't worry about the debt because the debt has built to a large number what the congressional budget office is showing is that we're going to be paying a lot of money on that debt, and it's going to crowd out vital public services. and that's why we had to worry about the debt all along. and we didn't. now it's built up. now we're facing reality. i thought it was a little odd. the president said, well, we have to do something, but he didn't offer anything to do because the main part he played was two months ago, he said, let's make the tax cuts permanent, both sides, and now we see, well, you can't afford that. >> you talk about paul krugman -- >> that's what they
the deficit's going down. this year alone, medicare, medicaid, social security and interest on the debt consumes every dollar that washington takes in. this is such a crisis, and it's growing. >> well, this whole idea that don't worry about the debt, you had a little tangle with the krugman a couple of weeks ago. this exposes how wrong the view is. don't worry about the debt because the debt has built to a large number what the congressional budget office is showing is that we're going to...
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to pay down the deficit. and potentially to make our businesses more competitive. >> president's call comes a day after his two most southeastern defense advisors warned the sequester would make the country less safe, and the president says the domestic spending cuts would slow down the economic recovery, which isn't producing jobs fast enough even now, shepard. >> shepard: what are we hearing from republican? reporter: they say the sequester was a white house idea. though the goal was to force a compromise by the so-called supercommittee. that didn't happen. now some lawmakers in both parties say the sequesterses of across the board cuts would be better than a bad deficit reduction deal. one senator said rather than continuing to raise taxes on hard-working americans, congress ought to be looking at ways to reduce our runaway federal spending. senator mitch mcconnell says congress acted on the tax issue when it allowed the bush administration tax cuts for the well-to-do to expire. some of them. now he says i
to pay down the deficit. and potentially to make our businesses more competitive. >> president's call comes a day after his two most southeastern defense advisors warned the sequester would make the country less safe, and the president says the domestic spending cuts would slow down the economic recovery, which isn't producing jobs fast enough even now, shepard. >> shepard: what are we hearing from republican? reporter: they say the sequester was a white house idea. though the goal...
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all of you should think about forming a bipartisan group in the house to come up with a deficit solution. >> congressman. >> i guess my response to that, it would be this to my think there already is a bipartisan plan that has been laid out there for us to look at. it is not perfect. is this the start. his start. now, candidly it is weak on health care. erskine bowles will tell you that, but i think it is a starting point. i think maybe the answer is it david walker is here he has been vocal on this issue, but maybe we have to do is look at the best aspects of some of the perfect yet -- proposals out there and take those pieces and try to put together a real plan, and it will be bipartisan. at the there is already a foundation out there upon which we can build, so that will be my answer. >> that's a big issue. the biggest threat to our economy is congressional dysfunction. race have to be part of it to my cuts have to be part of it, the pentagon estimate contribution to the effort. we put everything of the table and can get from where we are to where we need to be. that is common-sense.
all of you should think about forming a bipartisan group in the house to come up with a deficit solution. >> congressman. >> i guess my response to that, it would be this to my think there already is a bipartisan plan that has been laid out there for us to look at. it is not perfect. is this the start. his start. now, candidly it is weak on health care. erskine bowles will tell you that, but i think it is a starting point. i think maybe the answer is it david walker is here he has...